The dynamic approach to business models

Anna-Greta Nyström, Miia Mustonen

Research output: Contribution to journalArticleScientificpeer-review


The many definitions of business models can be summarized into two distinct approaches, the static and the transformational. This paper proposes a third approach, namely a dynamic approach to business models and argues that the flexible and adaptive nature of business models can be developed further based on the industrial network approach. The business model is embedded in business contexts and business networks, and is dependent on changes in the business environment. Due to these mutual dependencies between business network actors, and in the pursuit of new capabilities and resources, the business model may also build on co-production, collectivity and sharing, and be utilized by the many actors embedded in value networks. This differs from the traditional view, in which companies create value independently of each other. A networked, flexible, and co-produced business model offers a novel tool for strategizing turbulent business environments.

Original languageUndefined/Unknown
Pages (from-to)123–147
JournalAMS Review
Issue number3-4
Publication statusPublished - 2017
MoE publication typeA1 Journal article-refereed


  • Business networks
  • Business model
  • Flexible
  • Dynamic
  • Co-production

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